FIS: Fuel Oil Daily Morning Report

There has been buying interest in Singapore’s August and September HSFO contracts this morning.

Singapore’s HSFO and VLSFO cracks have pushed higher overnight.

Kuwait's Al Zour refinery has issued a term tender for fuel oil sales for loading between July and December, trade sources said on Thursday. This is a move that comes while the refinery continues to ramp up production from its third crude distillation unit (CDU). Al Zour's VLSFO tenders are closely watched by market participants as the refinery is set to be a major global VLSFO exporter once it ramps up fully, and as its export volumes will affect market sentiment in Asia.